Solar Markets & Finance News

UAE announces ambitious $54 billion investment in renewable energy sources such as hydrogen to achieve net zero emissions by 2050, in addition to appointing a new investment minister and establishing a financial stability council.

Stellantis NV is investing €100 million ($109 million) into its Mirafiori plant in Italy to reduce emissions and transition away from combustion engines. Improvements such as solar energy and ventilation, green initiatives, and rooftop solar panels and vegetation are part of CEO Carlos Tavares' plans, alongside job cuts in Italy, France, and Germany.

Renewable energy-powered metrogrid company Nuru has secured $40 million in Series B equity funding to construct 13.7 MWp of projects in the eastern Democratic Republic of the Congo, providing reliable and renewable energy to urban communities and promoting climate resilience and sustainable development.

German energy group PNE AG to sell five 208MW solar projects in Romania to TotalEnergies Renewables. PNE commits to remain responsible for further project development until completion. CEO Markus Lesser expresses satisfaction at TotalEnergies' trust in PNE's expertise. Purchase price undisclosed. 510MW of wind and solar projects already sold, 1GW under development.

Experience increased production capacity with the opening of a new high-tech facility in 2021. The new plant will offer 10 GW cell production, 15 GW module production and 8 GW monocrystalline bar production.

Angola is set to develop photovoltaic electricity networks for rural areas with a EUR 1.3bn Standard Chartered Plc loan, bringing renewable energy to 203,000 households in 60 communities. Supported by German Export Credit Agency Euler Hermes, this project is a major step towards Angola's renewable energy transformation.

Tubesolar AG, a flexible perovskite developer, has filed an application for insolvency proceedings and appointed an administrator to initiate a M&A process. With a EUR 4.68 million capital increase in 2022, the company is continuing operations with assured salaries for its 140 employees.

The Australian government has announced a Capacity Investment Scheme to increase renewables in New South Wales to 6 GW. The NSW Energy Roadmap's firming tender will increase from 380 MW to 930 MW and bids representing more than 3.3 GW have already been submitted. Final results announced by the end of September, with the next auction to be announced by October in South Australia and Victoria.

Polish general contractor Onde SA has sold its first self-developed solar project, Cyranka, for PLN 75 million to Engie Zielona Energia. The 18 MW Gizycko 1 & 2 solar farms commenced operations this year, with Engie now owning & operating 4 wind farms & 69 small PV parks with 63 MW.

Avaada Energy has closed a USD 1.3bn funding round, the largest equity raise for a green energy firm in Asia. Canada's Brookfield Asset Management and Thai power company Global Power Synergy have invested significantly, to be used for green hydrogen, green methanol, green ammonia projects and more. Recent tenders won by the firm amount to 1.8 GW. Sustainable future ahead with Avaada.

Scatec Solar has closed financing on 3 Grootfontein solar projects in South Africa with a combined capacity of 273MW. Construction to begin Q1 of 2024 and estimated to power 100,000 households. Financed by equity and $241m of project finance debt.

Solarpack, a Spanish developer, has signed a 10-year power purchase agreement with Shell Energy Europe, providing 105 gigawatt hours of clean energy a year. BBVA is financing the €38m project to support their commitment to sustainability and renewable energy, reinforcing Solarpack's presence in Europe. Shell Energy Europe is excited to be part of this transition to renewable energy, increasing Solarpack's installed capacity to 14,156MW worldwide.

Ampyr Solar Europe acquires a 390MW UK solar-storage portfolio, with five projects located in Somerset, Worcestershire, County Durham and Moray, Scotland. With 1.8GW in total, Ampyr Solar Europe and Tyler Hill are committed to delivering high-quality projects that are cost-effective and support local community development.

Intersect Power LLC closes up-to-USD-800-million revolving corporate credit facility to fund renewable energy & storage production, green hydrogen projects, and 2.2 GW of solar & 1.4 GWh of storage capacity. A consortium of Deutsche Bank, Nomura & Santander serve as Coordinating Lead Arrangers.

Duke Energy Corp has signed a 20-year contract for a 199 MW solar project to generate enough green energy to power 35,000 homes. As part of the Indiana Integrated Resource Plan, Duke Energy is moving towards a cleaner energy future with 2,218 MW of solar, 450 MW of solar-plus-storage, and 6,200 MW of wind power.